Qualcomm Ventures, the corporate venture capital vehicle for mobile semiconductor technology producer Qualcomm, led a $15m series B round for Israel-based digital farming technology developer Prospera on Tuesday.
Cisco Investments, the corporate venturing arm of networking equipment provider Cisco, also participated in the round, as did venture capital fund Israel Cleantech Ventures (ICV) and VC firm Bessemer Venture Partners.
Founded in 2014, Prospera uses data analytics, computer vision and artificial intelligence technology to digitise the farming process in order to help farmers grow healthier crops with higher yields while making more money in the process.
Daniel Koppel, co-founder and CEO of Prospera, said: “We help our customers surf the tide of digitalisation and become connected, agile and data-driven businesses that can more efficiently meet the ever-increasing demand for their produce under constantly changing market conditions.
“We are happy to have the resources to reach more growers worldwide, and grateful to receive such a vote of confidence from industry titans like Qualcomm Ventures, Cisco and Bessemer and experienced agritech investors like ICV.”
Prospera will use the funding to support international growth and to expand the range of indoor and outdoor crops for which it provides services. Bessemer had previously led the company’s $7m series A round in July 2016.